Fiat Chrysler to invest $500 million in Argentina plant

Fiat Chrysler Automobiles NV on Wednesday announced a $500 million investment in Argentina for production of a new vehicle for the Latin American market.

The plant is scheduled to launch production in the second half of 2017 and will produce more than 100,000 vehicles a year, according to the automaker.

“This plant will operate using the most advanced technologies available to FCA today,” said FCA CEO Sergio Marchionne in a statement. “This choice demonstrates a major strategic change, giving the Córdoba plant a central role in FCA’s industrial activities in Latin America.”

Marchionne was joined by Argentine President Mauricio Macri and other government officials for the announcement, which was made during an event at Cordoba’s Ferreyra Plant.